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June28,2011 preliminary development agreement, but is non-exclusive in nature. Ryan will perform a site evaluation (i.e. due diligence, information gathering) and ultimately prepare a concept plan showing the location of potential buildings on the site. Both Ryan and Welsh have 'emphasized the importance of using a site plan and building renderings as a marketing tool. Ryan expects to invest resources into the project with its own internal and outside consultants. However, because there is no guarantee that Ryan will be selected as the developer for all parcels, they are requesting compensation in the event a third party is selected. This concept has been referred to as a "break up fee" or third -party land transaction fee. The fee would be based on 14 cents per square foot and not to exceed $100,000. This provision would extend for a period of 6 months following termination of the agreement. The agreement contemplates one or more future redevelopment contracts will be needed as development projects start to materialize. The City will retain its discretion in deciding whether to approve a future project. In addition, the agreement stipulates that the parties will work cooperatively on sharing information. There are provisions which allow the City or the developer to cancel the agreement for cause; which includes things like a bankruptcy or fraud. The City also has the ability to cancel the agreement if there is a change in the team, which currently consists of Casey Hankinson and Rick Collins. The City would be obligated to pay Ryan if it canceled the agreement without cause pursuant to the break-up fee described above. Staff believes the agreements are reasonable and provide sufficient incentives for both Ryan and Welsh to market and hopefully develop on the site. At the same time, the agreements are structured to give the City some flexibility. Councilmember Bauman requested clarification on the term of the contract with Ryan Co. as 'four years. Director Femelius confirmed. Councilmember Bauman and Phillips extended their appreciation to the EDC for their recommendation. Motion by Councilmember Bauman, seconded by Councilmember Burg approve the attached resolution authorizing the Mayor and City Manager to execute separate agreements with Welsh Companies, LLC and Ryan Companies US, Inc. for the marketing and development of commercial land in New Brighton Exchange. 5 Ayes, 0 Nays - Motion Carried 2. Consider Amendment to Section 11-8 of City Code Regarding Placement of (Garbage and Recycling) Containers. Report No. 11-184. Ordinance No. 802. Code Enforcement Officer Joe Hatch explained that the proposed changes include: • Including Recycling/yard waste containers, and • All placed in the rear or on the side of the premise, or ' • Placed in such a manner as to be out of view from the street from in front of the premises, or • Placed in a garage located on the premises; and • Placed in a location for collection after 5:00pm on the day before the day of collection and removed before 8:00pm on the day of collection. Page 4 of 6 2. Consider Amendment to Secti I 1-8 of City Code Regarding Placemen (Garbage and Recycling) Contain Report No. It -184. Ordinance No. 802.